Alphabet Inc, Google’s parent company, announced it would donate up to $800 million to produce medical supplies required to fight Coronavirus. The company’s CEO Sundar Pichai revealed that parts of the funds would also be used to boost efforts of governments, health organizations, and Businesses in the fight against COVID-19.
Alphabet Inc to Direct $800m towards fighting COVID-19
According to Reuters, Alphabet Inc is to donate over $800 million to the production of medical supplies meant to fight COVID-19. The company’s CEO further said part-fund will come as ad credits to governments, health organizations, and businesses at the front of the fight against the raging Coronavirus pandemic.
The company recently signed an MOU with another company to produce at least 2 million face masks meant for donations. The company also revealed that it will donate more money to fund the increased production of life-saving medical equipment and personnel protective wears such as gloves and surgeons overall.
Coronavirus has so far killed more than 25,000 people across the world straining global healthcare services and economies. There is a huge gap in the supplies of medical equipment, face mask and ventilators. Meanwhile, the coronavirus pandemic still shows no sign of reducing with new cases arising every day across the world.
More than $590 Million in Google Ads
According to Alphabet CEO part of the $800 million donations meant to supplement global efforts to fight Coronavirus will be in the form of Google ads credits. The company revealed that it will award free ads worth $340 million to small and medium businesses that are currently signed on google. An additional $250 million will be awarded to the WHO and many other government agencies.
In a blog post, Google CEO added that a pool of at least $20 million in Google Cloud credits will be awarded to academic institutions and researchers. The company wants experts to use Google’s huge computing powers to fasten the pace of research on a possible cure and vaccine for COVID-19.
Another $200 million is set aside as an investment fund meant for supporting NGOs and other financial institutions around the globe. The CEO said the fund is meant to give access to credits to small businesses to ensure survival during the pandemic. However, the fund will prioritize communities that are underserved by mainstream financial institutions.